THE Kwacha on Wednesday posted some mild gains against the US dollar during intra-day trading following increased supply on Interbank, according to the Cavmont Bank Zambia daily market report.
The bank reported that the local unit was expected to remain stable in the interim with a bias towards posting further gains should supply of the greenback increase.
The local unit opened at K11.370 / K11.390 on Interbank but was later seen being quoted at K11.360 / K11.380 during noon trading.
It later closed at K11.370 / K11.390, the same as Tuesday’s closing rate.
On the money market, commercial banks’ aggregate current account balance decreased by K220.98 million to K529.55 million while the overnight borrowing and lending rate decreased by 0.11 percent to 27.04 percent.
Total funds traded on Interbank were K471.30 million.
Meanwhile, copper prices have continued to register an increase on the international scene with the recent increase of $32.00, making the red metal trade at $4,946.50 a tonne.
The bank further reported that a barrel of Brent crude oil was currently trading at $39.20, this was after the commodity registered an increase of $0.65.
On the other hand, an ounce of gold was currently trading at $1,232.61 after registering a decrease of $3.24.